Bens Creek Share Discussion Threads

[purchaseatthetop] 30/10/2022 19:14

Just in case anybody thinks Adam has any recognition of stating the truth....lets have a few of his promises to the investors listed here:

29/10/21 RNS: "We are delighted to have secured our first highwall miner to meet our expected production target. The agreement with MHW enables us to commission a second highwall miner to enable the Company to further expand its metallurgical coal production output."

Expected production target was 40k tons a month. Nowhere near. Ever.

15/12/21 RNS: "We are delighted to put in place this unsecured convertible loan facility with a reputable institutional lender, which provides Bens Creek with the ability to access additional financial resources to take advantage of potential acquisition opportunities, that are relevant to the existing Bens Creek mine."

No acquisitions made. Just a $50k per annum lease of a nearby coal resource that has not been core drilled.

17/1/22 RNS: "The early delivery of metallurgical coal to Integrity accelerates by more than one month the generation of revenue by the Company and starts the fulfilment of the requirement under the offtake agreement announced on 21 October 2021 which provides for the delivery of 22,000 clean tons per month."

Requirement of 22k clean tons a month? Average of 13k tons per month produced so far and much less delivered.

18/1/22 RNS: "I am delighted we are buying this highwall miner, rather than renting it, as we have been able to negotiate attractive commercial terms. The potential to double our production capability in such a short period of time since the commencement of initial coal production will provide increased operational capacity as we seek to increase levels of production from the Bens Creek mine and in turn gives us the ability to boost revenue generation."

Still unprepared. Still sitting there. No doubling of production just more costs.

18/2/22 RNS: "We are very pleased to put in place a further, unsecured convertible loan facility with such a reputable institutional partner. This funding will provide us with the financial strength to make focussed added value acquisitions."

No new added value acquisitions. All spent on losses and Adams salary.

25/2/22 RNS: "Completion of purchase of second highwall miner

Following the announcement made on 18 January 2022, for a contract to purchase a Superior highwall miner and related highwall mining equipment, the Company is pleased to announce this purchase has now been completed following the final purchase price payment being made and the Board of Bens Creek expect that this machine will be deployed ahead of the initial scheduled timetable of the second quarter of 2022."

Nowhere near any deployment. Just $3m wasted.

14/3/22 RNS: "We are pleased with our delivery programme so far. We anticipate moving smoothly into delivery of clean coal and are on course to deliver fully on our commitments to Integrity"

Still miles of their commitments to Integrity.

6/6/22 RNS: "The Company is targeting to reach full production using both highwall miners by the end of the summer 2022."

Right now...only one HWMer and still half target.

27/6/22 RNS: "The Company expects to receive, during July 2022, a permit for the area that is to be mined by MHW using the second highwall miner.

Accordingly, the purchase by the Company of its own Superior highwall miner and related mining equipment, as announced on 25 February 2022, will in due course, once renovations have been completed, enable the Company to have a backup highwall miner to ensure production is not affected by either any planned or unforeseen downtime which results from any of the machines operated by MHW being inoperable."

New permit only received in September and the second HWMer not repaired.

25/7/22 RNS: "This investment and the efforts of the team on the ground in West Virginia, has enabled us to be in a position to meet our production targets and at a run rate of c. 40,000 clean tonnes per month."

Output still remains at only 18k tons a month with double shifts.

22/9/22 RNS: "The granting of the permit is for an initial five year period and will now allow Bens Creek to deploy a second highwall miner that is to be operated by the Company's highwall mining contractor. This will enable the Company to steadily increase its production of metallurgical coal from current levels as it seeks to achieve its monthly production targets, as previously announced."

Do you believe this? I am not so sure. I mean....what about all the other RNS promises? Funny.

[purchaseatthetop] 30/10/2022 18:17

Stocky. You need to look deeper. The accounts only show £10m of apparent debt but tens of millions have been taken off balance sheet as they are being liquidated.

Except that ownership of these debts were transferred to MBU Capital Ltd and then on 21/5/21 Mohammed Iqbal transferred ownership of MBU Capital Ltd from himself to MBU Capital Group Ltd. The debt holders of these tens of millions of debt will come after Mohammed as you cannot simply transfer ownership of the debt to avoid liability.


Click on the confirmation statement of 21/5/21. MBU Capital Ltd was the apex company of over £80m of default debt and remains so despite this transfer.

This is all about Mr Iqbal debts. Ignore anything else.

The accounts show current assets of £43m. But really they are worth nothing as the property had planning refused. However the liabilities are real. It is a rotten balance sheet only supported by BEN shares. Check going concern note 2.3.

[seagreen] 30/10/2022 11:13

Patt

You cannot fool all the people all the time

You never fool any of the people any of the time.

Stick to the truth and relax and enjoy an excellent Sunday Roast

Pass the horseradish

[stocky50] 30/10/2022 11:05

Patt - We have been through MBU accounts - They are far from bankrupt ? Your statements were factually incorrect ! In their account I demonstrated they have less than 10m of debt. And no where in their accounts does it say they are going to sell BC shares - pls clarify.

The Permit timing is not in Adam’s hands. Agree it was premature of him to give dates - but this was his expectation. Can’t blame him for the delay.

Agree the interims will be interesting - but I am not ‘banking’; on these. As I keep saying - this is a Startup company that is ramping up. If you look at the accounts of ANY start up company - they will not be good reading. Given the way you access a company - you would never invest in anything on a forward looking basis and so would miss out on all “growth” company’s.

I did ask previously - would like to see if there are other company’s that have generated millions in revenue in less than 12 months - after being shut for so long.

Met coal pricing has stabilised / is on the rise. This can only be a good thing.

[stocky50] 29/10/2022 13:10

At £1+ …. Global Met was $470. This then retraced to $240 - so stock went down. Plus delays to getting permit and infrastructure repairs - plus selling by margin traders. All this sent the stock into a spiral.

Don’t read that as a pump and dump ? Largest shareholders - have not sold. That’s a positive. Will not be surprised if they start buying soon.

Not sure why some are so impatient.

We will know soon enough.

[purchaseatthetop] 29/10/2022 09:22

That’s rather ironic Seagreen. If you did not post here endlessly I would have nobody to talk to.

[seagreen] 29/10/2022 09:07

Give it a rest Stick to ambulance driving

[seagreen] 28/10/2022 20:28

hxxps://audioboom.com/posts/8181384-midweek-takeaway-featuring-adam-wilson-ceo-of-bens-creek-aim-ben


Very honest very clear very exciting incremental phasing of 2Nd HWM into two shifts...once the benches are complete.....they needed to move HWM 1 and need to put HWM 2 on the same site to a new area for 5 years...quite open the share price got ahead of itself when the met coal price got to $405/ton as it was trading on future revenue (like a tech stock)

Even if we have lost some production my moving the existing one.


No wonder Pinnochio Pat is going reder in the face he must be falmost purple...

He is right to build this whole site from scratch would cost twice the current market cap

Delay does not equal Pump
Completed in a year less time than the neighbours which is still not fully production

I repeat they are stating the bottleneck in supplies caused their delay to.

Funny old world Pinnochio your enemies who have delays are pumps and the neighbours are not

Anyone would think you had a personal vendetta

Time to look forward to the good times .....good game but you will be kicked into touch over the next 6 months.

[purchaseatthetop] 28/10/2022 19:48

Seagreen. It is very simple.

On 12/4/22 when the share price was 101p and rising, and you were saying 200p soon, I said it was a pump. And I posted why.

Today is 28/10/22. Just over six months later and the share price is 23p.

Who was right? Yes. It was me.

[seagreen] 28/10/2022 19:36

Post 7675 fairly sure the argument was based around the fact that they started actually producing later than you state and there was a national holiday...I defo was saying it was circa 11K or 11.5K and building ....You are implying flat line production from Dec 1 and have pushed back production into Dec. Jan, Feb and March at an average rate to prove a false argument that they are only producing 20K with two shifts now

It is purile beyong belief

Go have a drink and chill you have lost the plot


Bloody Mary with lots of Horse Radish sauce from the Sunday Roat would sort you

[purchaseatthetop] 28/10/2022 19:31

"nimble BEN low debt start up that is producing 40K tons of luverly high vol coal that sales for nearly 3 times the sales value of low vol coal and is nimbly cherry picking"

funny way of describing BEN...more than funny. actually sad.

[seagreen] 28/10/2022 19:29

Come on Patt you can do better than that you have lost the plot may be give it a rest its liking shelling peas picking holes in your argument

why not try and be an expert on a US2$Bn low grade low margin volume coal producer

Then you can compare one of its Low Vol coal mines with the nimble BEN low debt start up that is producing 40K tons of luverly high vol coal that sales for nearly 3 times the sales value of low vol coal and is nimbly cherry picking

(I do agree and have hinted that maybe the state of the underground needed a massive reboot and renovation hence it would be more cash effective to go to the leased HWM approach to start with and it has been so sucessful they are getting two LOL LOL...But I do not know)

[purchaseatthetop] 28/10/2022 19:29

In case you have not spotted it Seagreen.

I said in early April 22 that they were only producing 7k tons clean per month.
In August 22 the Final Results show that output was 8k tons at that point.
I think that is incredibly close. Just 1k out.
You were saying they were producing 40k a month. 32k out.
I am 96% more accurate.

BTW..I love it when you copy my posts that prove my point.

[seagreen] 28/10/2022 19:21

Bonfire opf the Vanities staring Pinnochio Pants on Fire Patt

You are losing your marbles...

All your estimates are wrong but make your mind up

purchaseatthetop12 Apr '22 - 05:37 - 3493 of 7669 Edit
0 2 1
",,,,,,,,,,,HWM can only produce 7k tonnes per month........."

purchaseatthetop 27 Oct '22 - 15:22 - 7643

So, we have it exactly....
Dec 21. 8.1k
Jan 22 8.1k
Feb 22 8.1k
Mar 22 8.1k
Apr 22 10.85k
May 22 10.85k
Jun 22 20.2k
Jul 22 20.2k
Aug 22 20.2k

[seagreen] 28/10/2022 19:15

No....

I am not as stupid
I am just highlighting there were additional transport costs in the initial AISC| of the first load trucked out.


I have no idea what the All in cost per ton of ROM or
Met B cost to produce

Nor do you



It is impossible due to the phased start up with additional one of costs etc economies of scale etc....

[purchaseatthetop] 28/10/2022 18:57

That is the best. Seagreen claims that it is cheaper to produce ROM than cleaned Met B high volume.

[purchaseatthetop] 28/10/2022 18:54

Reviewing some earlier posts I had forgotten that I had identified just why underground mining was not practical at BEN:

purchaseatthetop12 Apr '22 - 05:37 - 3493 of 7669 Edit
0 2 1
"Seagreen. Nobody has won any argument. We will find out in time.

My view is that this is a pump. The entire coal project is based on a fallacy. If you look at the mine maps you can see that the entire area has been mined to the point where the processing plant in more than 3km away via underground tunnels from the coal seams. It is not economic to mine underground. The underground mines have been left idle and unmaintained for a decade now and they are in bad condition. It would take many months and huge costs to make it safe for workers underground. So, the underground mining of the Admission Document was never a realistic option.

The Highwall Mining is all they can do as they cannot go underground but the terrain is really bad and that is why the 40k tonne per month HWM can only produce 7k tonnes per month. That is why they need a second one just to get some higher numbers, even at a loss.

All because they need to get to 13/10/22 to crystallise their huge profits and save Mohammed Iqbal from bankruptcy and make all the rest multi millionaires.

However, my interpretation may be wrong and it may be brilliant. The next output RNS will help clear things up. If none appears then we shall have to wonder why!"

On 16/4/22 the share price was 101p and I was calling it out for what it was. Note that I was saying that the output was 7k per month and the Final Results showed that actually this was 8k per month. I was pretty damn close. Certainly much closer than the rampers 40km tons a month.

I think PATT deserves a PAT on then back.